Canada Revenue Agency
Two US states have issued advisories on bitcoin, while Canada's tax authority outlined its position on digital currency-related revenue.
The country only recognizes Canadian bank notes and coins, according to a Department of Finance email statement.
A small but growing number of companies are taking advantage of bitcoin payroll services.
The Canada Revenue Agency has issued an official release on how to treat bitcoin for taxation purposes.
Canada to tax bitcoin users
May 1, 2013
The Canada Revenue Agency has laid out two different bitcoin tax rules, covering transactions made for goods or services, and for profits made with trades.